HB-Based Credit Union to Close East LA BranchThursday, October 18, 2012
Huntington Beach-based NuVision Federal Credit Union plans to close its East Los Angeles branch on October 31.
NuVision said the branch, which opened about five years ago, “is not performing at the expected level for a branch of its size and that has been open for this length of time.”
NuVision is the second-largest credit union in Orange County, according to the Business Journal annual list. It had $1.16 billion in assets at the end of last year, down 2% from a year earlier.
It posted a $2.7 million profit last year, compared with net loss of $332,000 in 2010.
NuVision has eight branches in Orange County, including one in Costa Mesa office that opened in September. The closure will leave four branches in Los Angeles.
NuVision had been in talks of a merger with Manhattan Beach-based Kinecta Federal Credit Union since 2010. Plans were called off in March on concerns of delays that could be “disruptive to businesses and members,” according to a statement by the credit unions. The deal would have combined their assets to about $4.7 billion, among the largest in the U.S.